Banks, RIL help lift Sensex 403 pts; Bajaj duo gain up to 8%, Tata Steel 4%

The BSE MidCap and SmallCap indices settled 1.5 per cent and 1.7 per cent higher, respectively

4:06 PM

TECH VIEW | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 16600. It is going to be crucial for the short-term market scenario to sustain above the 16600 Nifty50 Index level. Sustaining above 16600, The market expects to gain momentum, leading to an upside projection till 16700 level. Technical indicators suggest, a volatile movement in the market in a small range between 16500-16700.

 

4:06 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

While the Bajaj Twins helped power the Sensex back to 56K in Afternoon Trade, what was more encouraging was to see savvy investors begin to accumulate stocks sold at higher levels in the broader market which speaks about the recovery in the earnings cycle during Q1 despite the adverse impact of the second wave. Buoyancy in tax collections brought back traders into Metal names even as the Nifty Bank lent good support.

4:05 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

Strong rebound in broader markets along with favourable global cues bolstered optimism in Dalal Street, led by metal, banking and realty stocks. Metal stocks led the rally as value buying was witnessed in the sector after deep sell-off during the past four trading sessions due to weak iron ore futures across the globe. The USFDA granted full approval to the covid-19 vaccine by Pfizer and BioNTech which pumped in hopes of faster inoculations.

4:05 PM

Market View :: Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty bounced up well over the past two days and on Aug 24, it filled the downgap formed on Friday on closing basis. Advance decline ratio also improved dramatically to the highest since Aug 12. Nifty is just 76 points away from the all time high formed on Aug 18. More than the Nifty, focus will remain for some time on the broader markets, as to how much does the broader market recover when the Nifty is near all time highs.

 

3:59 PM

Info Edge climbs 6% as JP Morgan initiates coverage

>> JP Morgan initiates coverage on Info Edge with a target of Rs 6,600/sh

3:52 PM

Bajaj Finserv ends 8% higher on Sebi nod to up mutual fund

>> The stock hit a new high in intra-day session

3:51 PM

Listing Day Action:: Chemplast Sanmar ended 3% lower to issue price

> Issue Price: Rs 541

> Listing Price: Rs 550 (NSE); Rs 525 (BSE)

3:49 PM

Listing Day Action:: Aptus Value ends at 1% discount to issue price

>> The stock had listed at a 7% discount to issue price. It later recouped losses and was up 5% over its listing price of Rs 329.95 per share.

>> The issue price for the stock was Rs 353

3:44 PM

NIFTY FMCG :: Top gainers & losers from the pack

3:43 PM

NIFTY METAL :: Top gainers from the pack

>> Barring APL Apollo, all stocks close in the green

3:42 PM

Sector Watch :: All sectors, barring Nifty FMCG & IT gain

>> Metal pack best performer, up 3%

3:41 PM

Broader markets outperform benchmark

3:38 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: Bajaj Finserv, Tata Steel, Bajaj Finance

>> TOP LOSERS: Nestle, Infosys, HDFC

3:34 PM

CLOSING BELL :: Sensex jumps 403 points, ends shy of 56K; Nifty atop 16,600

The S&P BSE Sensex added 403 points or 0.73% to close near day's high at 55,959. The NSE Nifty settled the day at 16,625, up 128 points or 0.78%. Bajaj twins, HDFC Bank, ICICI Bank and RIL were among top contributors. 

3:29 PM

NEWS ALERT :: HDFC Bank partially sells stake in CDSL

3:24 PM

BS Special :: Where are corporate earnings headed in the second half of FY22?

3:20 PM

India's GDP likely to grow at 18.5% in Q1FY22: SBI report

The country's gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India's GDP growth projection of 21.4 per cent for the April-June quarter. READ MORE

3:02 PM

Bandhan Bank trading at 11-month low, down 10% in a week

According to analysts at Emkay Global Financial Services, the micro finance institutions (MFI) business is inherently prone to disruptions - be it political or natural. As a result, the bank needs to accelerate its asset-diversification strategy. Factoring in lower growth/higher LLP due to the Covid-led disruption, the brokerage cut its FY22-24E EPS by 12-5 per cent.

 

Higher-than-expected NPA formation, including lower recovery from the Assam portfolio, and unsettling of growth momentum due to a potential 3rd Covid wave are among key risks to brokerage estimates. READ MORE

2:50 PM

Global Markets :: Travel stocks lift European shares as recovery hopes return

European stocks extended their gains on Tuesday after a full U.S. approval of a COVID-19 vaccine boosted Wall Street to record highs, while data outlined a stronger-than-expected economic recovery in Germany.

The pan-European STOXX 600 index rose 0.1%, following a selloff last week that knocked it off record levels.

Source: Reuters

2:36 PM

BSE Heatmap :: 305 stocks hit lower circuits in a strong market

2:28 PM

ALERT :: Sensex reclaims 56,000

2:20 PM

Delta variant blow knocks wind out of Asia's economic recovery

The rapid spread of the highly infectious Delta variant of the novel coronavirus and low vaccination rates have caught https://www.reuters.com/world/asia-pacific/what-inflation-pandemic-leaves-emerging-asias-consumer-recovery-behind-2021-06-30 much of the region off-guard, especially in emerging markets, even as economies in Europe and North America reopen. READ MORE

2:08 PM

NEWS ALERT :: Govt said to consider allowing FDI in LIC

Source: TV News, Agencies

2:03 PM

ALERT :: Lupin launches Luforbec, branded generic alternative to Fostair

>> Company launched Luforbec® (beclometasone/formoterol) 100/6 dose pressurised metered dose inhaler, following the Medicines and Healthcare products Regulatory Agency (MHRA) approval earlier this year, making it available now to patients in the UK, with the potential to offer significant cost savings for the NHS.

2:01 PM

MARKET CHECK

Sensex: 55,961.22, up 405.43 points or 0.73%

Nifty: 16,622, up 125 points or 0.76%

Nifty MidCap 100: 27,174.70, up 277 points or 1.05%

Nifty SmallCap 250: 8,486.00, up 135.85 points or 1.63%

1:45 PM

SECTOR CHECK :: Defensive stocks decline on profit booking

1:35 PM

NEWS ALERT :: UCAS announces major core technology contract with Infosys

>> Infosys announced the signing of a new minimum threeyear contract with UCAS, the admissions service for UK higher education.

1:20 PM

Q&A | Markets will remain choppy till 2021-end: Anil Sarin, CIO, Centrum PMS

We have been constructive on Indian markets for the past many quarters, but have now become somewhat cautious given the frequency and size of IPOs that are sucking out liquidity. The Indian economy is entering a medium-term growth phase, and not participating in this phase is a greater risk. We remain bullish on a stock-by-stock basis. READ FULL INTERVIEW HERE

1:11 PM

Adani Transmission, Adani Total Gas up 5% for fourth straight trading day

Despite a rally this month, Adani Total Gas and Adani Transmission are down 30 per cent and 25 per cent from their respective all-time highs. Adani Total Gas had hit a record high of Rs 1,680 on June 4, 2021, while Adani Transmission had hit an all-time high of Rs 1,647.70 on June 7, 2021. READ MORE

12:54 PM

Market breadth improves; advance-decline ratio at 3:2